Chatity registration nuwnber NIC1O6151 (Northein Ireland) Company reglstratlon nurnber N1024698 ARGYLE BUSINESS CENTRE ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ARGYLE BUSINESS CENTRE LEGAL AND ADMINISTRATIVE INFORMATION Trusto0s Mr Brian Kingston Mr James Mullan Mr William Ellison Lord Reg Enipey Mrs Marie Harnill Pastor Stephen Reynold5 Ms Michelle Manwarin9 Ms Lisa Byrne Mr William McAlllster IAppolnt8d 24 January 20241 Socrotary Mr 8rian Klngslon Charlly numbèr INorth•rn Ir•landl NIC100151 Company numbar N1024698 Reglgtered offlce 39 North Howard Slrg91 BeKasl BT13 2AP Independent examiner HM Chartered Accounlonts 6th Floor East Tower Lanyon Plaza 8 Lanyon Place BeKasi Co. Antrlm BTI 3LP Bank•r8 Ulster Bank 185-189 Shankill Road Belfast Anlrim BT131FH
ARGYLE BUSINESS CENTRE CONTENTS Page Trustees. Ipport Ind8p8ndent exatnlner's report Stslemenl of financial activlties Statement ol financial position Noles lo the flnan¢lal 81al8m8nl8 7-16
ARGYLE BUSINESS CENTRE TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Th8 Irust88s pr8sent Ih8ir annual report and financial statements lor Iha y8ar end8d 31 D8cetnb8r 2024. The accounts have b&en prepared Sn accordance wllh thfr arxounllng pollclgs set out In note 1 to the accounts aiid comply with the charity's gov8rr)ing document, the Cornpanies Act 2006 and th8 Statement of Recommended Practice, "Accounting and Reporting by Charilies. effec'Ve January 2015. This report provides information on Ar9yle Business Centre's a¢tiviJes and finencial performance. it forms part ol a range of publlc InforaOn designed to sive an opgn awount of our work. Oblectlves and actlvltles The Gh8rity's objects 8re to 8dvane economk regen¢r8ilon and entreprenèurship, to èngagè wlth other or9anlsatlon$ in thè promotion ol local economie divelopmenl and promotion of relevant charitable objectives. The trustees have paid due regard to guidanoe issued by the Charity Commisgon in deoiding what activities the charity should undertake. Th8 main ar8a of actr'vity Is the rantal of unlts lo local businesses. In total th•r8 ar8 65 busin8ss units Itolalling 82,OOOsq ft) and 2 other oulside compound areas. Phase 1- 42 units r8nted, 1 unll used by Argylé Phase 2 . 12 unit5 rented Phaso 3~ 10 Units rented Other- 2 cotnpound area5 renled Achievements #nd perfornianrg The company believes it achieved it5 goals ol advising and prcffloting econornic regeneration and entrepreneurship throughoul th• Gr•at•r Shankill •rpa. Financial review The results are set in lull in the financial stdtements. The unrestricted resetves of Argyle Business Centre have decreased by £24,954. The directors have obtained funding lor the near future Principal Funding Sources The principal source ol funding was Ihe initial re18ase ol capil31 funding from Invest Nl, the International Fund lor Ireland, Belfast City Council and ERDF, along Wlth current rental incomE Irorn the property located on North Howard Street. Belf8sI. There have begn two maSor capital Inv88lmenls In Argyle, £1.2M to open in 1992, of which £250k was g bank108n taken out by Argyle Directors £1.8M expansion in 2007, of which £250k was a benk loan taken out Argyle Directors Both these Bank Loans have been repaid lull, Argyl$ Currondy has no borrowlngs. £1.33rn expansion in 2022. of which circa £400k was from Argyle reserves. The directors retain funds in the charity in order to provide sufficient wotl(ing capital lu facilitate the ongoing trading cllvltle5. and project development. The mlnlmum target for UnrIcte£l fund reserve5 Is slx montrs expenseslc05ts In cash al bank. The ch8rily'$ surplus lund8 remaln in dtrposil al bank. The trustees have assessed the major risks lo which the charity is exposed, a1 are satisfied that systems are in place to mitigate exposure io the major risks.
ARGYLE BUSINESS CENTRE
TRUSTEES. REPORT ICONTINUED}(INCLUDING DIRECTORS. REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
Th8 charity
wishe5 to have all units rented.
The Gharity which now own5 Ihe former Shankill Road Mi55ion buildin9 is r8-thinking ils rnajor proj8Ct lo eat8 a
social economy 4 Star Hotel with a ¢omrnunity base and a fo¢us on training and up-skilling of locgl people. The
worldwid& Covid-19 pandgmic hit tha hospitality
ARGYLE BUSINESS CENTRE TRUSTEES. REPORT ICONTINUED}(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 Pastor Stephen Reynokls Is Michelle Manwgring 19 Lisa Byrn8 Ir William McAllisl8r (Appointed 24 January 20241 Under the requirements of the Memorandum and Articles of Association the directors, subject to article 38, hold office until U)e next Annual General Meeting and are eligible for re-election. None of the trustees has any beneficial interest in the company. Al of the trustees are members of the company and QU8ranle& lo conlrlbule £1 In Ihts evanl of a winding up. The directors ol the rnpany ore also chorily truslees for the purposes of ¢harity1ow. Under the requirernenls of Ihe Ilerntsrandum and Articles ol Associslion the diie¢toi$. subject lo Article 38. hold office until th9 nextannval oeneial neeting and are eligible for re-election. Individuals are invited lo serve as directors on the basis of their abilities and background 50 as to achieve 8 balance bgtwgtrn tho59 frorn tho buslngs$, voluntsry and charlly 59Ctors. 091 directors ai¥ alrgady ¥war$ of th¢ a¢livilig$ of Ihg ¢harity prior lo ¥ppointmgnl. Whgn invitod to servg they arg provided with the Gharily 5 objective5 and 116 day lo day operations. At present Ar9yle Bu5ines5 Centre has a Board of Dlrectors 019 mernbers who meet regularly and arè responsible lor the str¥iegl¢ dlre¢iion and pollcy of the ¢harlly. From the Board ol DSr8clor5 th8r8 ar8 form8d occasSonal sub.commllto8 or worklng groups, who work on th8 policies and 8tructur•s withln th8 organlsallon, and also Dn particular proj8cls Io 8xpand tha lacilitl8s and SCO ol Argyle Businèss Cènlre. The director's review rn8jor ri5k5 lo the CDrnP8ny on an ongoing b85is. Where 8ppropri8le, system5 or procedure5 have b••n 88tablished lo mitigate the risks the charity fac8s. Internal control risks are minimised by th• implamentation ol proc8durès lor authorlsallon ol all transactions and prol•cts. Proc•dur*s ara In plac8 lo ensure cornpllanca wlth hèalth 8nd $8lety of st8ff, volunteers, clients and visitors lo the premises. Thes# pro¢edures are periodlc8lly reviewed to ensur8 that they conllnu8 to lh# no&ds of lh• charity. The Iruslees, report Was approved by the B08rd of Trustees. Dal8d.' 14 August 2025 Mr Wllllam Elllson Trusl8è
ARGYLE BUSINESS CENTRE INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ARGYLE BUSINESS CENTRE We r8POrt on the accounts of th8 charity for the y8ar ended 31 D8cetnb8r 2024. which are s8t out on pages 5 to 16. Ro$P•¢tIvo ro$pon$lbllltS9$ of Irusto0$ and oxamlnor As Ihe charity trustees land also 115 dir6Ctors lor the purposes of company lawl. you are responsibl8 for the pr•parallon of the accounts in accordance wilh the r8quirern8nts ol the Cornpanies Acl 2006 jthe 2006 Act). We ore satisfied that a¢coLints of the charity are not required to bÈ •udited under Part 18 of the 2006 Act and are eligible for indopendtsni ex8min81ion, wè report in re8P8Ct of our examination of the charit5 5 8c¢ounts Cairièd out under section 65 01 the Charilies Act. In carrying oul our examination we have followed all the applicable Directions giv8n by the Charily Commission lor Northern Ireland under section 651911bl ol the Charities Act. Basss of Ind•p•ndant oxamSn8rfs raport Wc are satisfiod that ac£ounts ol the charity are nol required lo be audited under Part 16 01 tre 2006 Acl and are eligibl8 for indapèndènl axaminalion, wo rsport in respgct of our axamination ol tha charilsr s accounts cairiod out under 58clion 65 01 the Charili85 Ad. In carrying oul our examination we have followed all the appliGable Directions given by the Charity Commission IDI Northern Ireland under Section 6519llbl ol the Charitie5 Act. Ind•p•nd•nt •xamln•r's $tat•m•nt In conne¢ty'on with our ¢xamination, no matter has come lo our attention.. 181 whlch give5 us reasonable cause to believe Ihat in any material respect the requirements.. lo keep accounting records In accordance with section Jtsb. ol the Lompanies Act 2LHJti'. and lo prepare financial slalemenls which accord with the accounting records, comply with the accounting requirernenls ol section 396 01 Ihe Companies Act 2006 and with the methods and principles ol the Stalement ol Recommended Practice., Accountiiig and Reporting Dy Charilios,. have not been met or Ibl IL> wliityli, iii Iliy UfJliiiuii, alltriiliui) ¥liuuld drawii Iii urd¥i lo ¥iiabl¥ 4 piop¥i uiid¥i¥l¥iidiiig rJf Ili¥ aUl718 lo) b¥ re8ched. HM Charter•d A¢¢ountanls chart•1 Account8nt• 61h Floor East Tower Lanyon Ploza 8 Lanyon Plac8 Bellasl Co. Antrim T13LP Dated.. 14 August 2025
ARGYLE BUSINESS CENTRE STATEMENT OF FINANCIAL ACTtVlTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEAIBER 2024 Unrestricted funds 2024 Restricted fund5 2024 Total Total 2024 2023 Not08 Income from: Donalions and lega¢ioS Charllab18 xl1vhs 450 394,257 13,010 53,728 13,460 447,985 15,940 386,916 Total Incom• 394,707 66,738 461,445 402,856 endllure on.. Charitable activ.eS 419.661 70,731 490,392 412,017 Net expenditure for th? ygarl Net movement In funds 124,9541 13,9931 128.9471 19,1611 Fund balancès at 1 January 2024 1,698,686 854,222 2,552,908 2,562,069 Fund balance8 at 31 December 2024 1,673,732 850,229 2,S23,961 2,552,9D8 Th8 slal8m•nt ol finanelal activlti8s ineludes all galns and lossas r8cognls8d In thè yèar. All in¢om8 8nd axpendilure deriv8 from continuing a¢tivilies and is unrtsslricled. Thè 818tèrn•nl of fln8ncial actlvlll8s also eompllès wllh thè r8qulr¥n8nls for an Incomé and èxp*ndilur• aceounl undèr thè Compani8s Act 2006. The notes on pages 7 10 16 form part ol these financial slaternents.
ARGYLE BUSINESS CENTRE STATEMENT OF FINANCIAL POSITION AS A T 31 DECEMBER 202d 2024 2023 Not9¥ FlxÈd 8gse18 Tangib18 asse18 Investrnents 11 12 2,018,192 2,119,036 2,018,193 2,119,037 Currgrit assgts Debtors Cash at bank and in hand 13 17,073 506,162 17,668 453.039 523,235 470,707 Credltors: amounts talllng due wlthln one year 14 117.4671 136,8381 N•t curr•nl ass•ts 505,768 433,871 Total ass•ts 1•99 curr•nt Ilabllltl• 2,523,961 2,552.8 The fvndB of the charity Restriclgd incom8 funds Unr8sirict8d lunds 15 850,229 1,673,732 854.222 1,698,686 2,523,961 2,552,9)8 Th8 company is enlilled lo the exemption from the audit requirem8nl contained in section 477 01 the Companies Act 2006, lor the year ended 31 De¢ernber 2024. Th8 dir•ctor acknowladgos his responsibllilles for cornplylng wlh th8 r8quirem•nts of thè Compani8s Act 2006 with r8sp8ctto accounting rècords and the pr8paratlon of Ilnanclal statements. The members have not required the cornpany lo obtain an audit of its financi81 $18lemenls for the year In question in accordance wilh section 476. These financial 51alernenls have teen prepared in accordan with the provisions applicable lo cornpanies subject lo the small ¢ornpgnies re91ff. The financial statemenls were approved by the Irusle8s on 14 August 2025 William Ellison Trustee Company registration nutnber N1024698 (Northern Ireland)
ARGYLE BUSINESS CENTRE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Ac¢ountSng pollcle8 Ch8rity infowmation Argyle Businoss Centr8 Ss a privat8 company Ilmit8d by guarant88 incorForat8d In Northèrn Ireland. Thè r8glstered office is 39 North Howard Sir8et, Bèlfast, BT13 2AP. 1.1 Accounting conventlon Th& financial stalem&nts hav8 b88n pr8parèd in aceordanc& ivith lh8 d)arity's m8morandum and articl8s of association, Ihe Companies Act 2006 and"Accounling and Reporting by Charitie5.' Ststernenl of Recommended Praclice applicable to charities preparing Iheir accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021" las amended for aeeounting p8rlods comménclng from 1 Janu8ry 20161. Thé charbty L a Publbe 88nefil Éntity a$ d8fin6d by FRS 102, Thè charlly has taken advantage of Ihè provisions in thè SORP for charlliès applylng FRS 102 Update Bulletin 1 not lo prepare a Slalem8nt ol Cash Flows. Th8 Ilnancial slalements ar6 prepared In 51erllng, which15 tho luncllonal currency ol th8 charlty. Mon8lary amounts th8sa linanclal stAlem8ntS 8 round8d to thè n8ar8st £. The linan¢i81 stalements have been prepared under the histori¢al ¢ost Conven'0n. The principol acoounting policies adopl&d are s&1 out below, 1.2 Going conc•m At the Iirne ol approving the financial slalernenls, the tru5te85 have a r8Bsonabl8 expeclatson that the chanty has adequate resources to continLJe in operational existence for the foreseeable future. Thus the trustees conbnue to adopt th8 golng concern basls ol accounllng In preparlng the flnan¢lal st4lamenl8. 1.3 Chril•ble fund• Uiii¥slil¥l¥d lurids ai¥ 4vailabl¥ Ivi u¥¥ ¥1 Ili¥ di¥¥i¥liuii vl Ili¥ Irus1¥¥8 iii luilti¥r41i1¥ ul Ili¥lr L414ril4bl¥ utsl¥¥llv¥¥. Restrlclad lunds arè subl8el lo spe¢ffie ¢ondillon8 by d¢nor$ ¢r gr&niors as to how they may be used. Th• purptrses and uses ol tha restricted funds are sel out in th8 notes lo the linanual slalernenls. Endowment fund5 are subject to specific conditions by donors that the capit01 must be maintained by the charity. 1.4 Incornlng resourcos Income ia reGogDised when the chglrty Is legally èntllld to it any prfomi4nce conditlons have been met, the amounts can be mpasured reliably, and it 15 prob8hle that inc4)me will be received, Cash donatSons are rocogn158d on rocelpl. Olh8r donatlons ara rècognlsgd oncg tha charlty has bagn noliflod of th8 donation, unl8ss perforrnanc8 conditions requir8 delerral ol th8 atnounl. Incomg lax recoverable in relabon to don8tions received under Gift Aid or deeds of covenant is remgnised at Ihe tirne of the donaticfi. Legacie5 are recognised on receipl or otherwise if the charity has been nolified of an irnpending distribution, the amount Is known, and r8calpt Is èxp9Ct. If the amount Is nc known, tha legacy Is troatèd as a ¢ontlngant as$ol.
ARGYLE BUSINESS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ounting policies Icontinutdl 1.5 Resources expethdod Expenditure Is recognised On there is a legal orconstructive obligation to transfereconomic benefit to a third paty, it is probablo that a tr8nsf¥r ol oconomic bongfits will bo roquired in setugmgnl, and Ihe amount of the obligation can b$ measured reliably. Exppndilur9 is classiligd by activity. The costs of each a¢tivity arg rnad9 up of thg tol31 ol dir9Ct ¢osts and shared costs. inGluding 5uppart costs invalved in undertaking each activity. Oirect costs attributat>le to a single activity are allocated directly to that activity. Shared costs which conlribule lo more than one activity and support costs which are not attributable to a singlg activity ar& apportioned belwe8n thos8 acliviti8s on a basis consistent wilh the use of sources. Central staff c0513 are allocated on the basi5 01 time 5penl. and depreciation char9ey are allocated on the portion Df the assot's use, Résourcès &Xnd•d ar8 includèd in th8 Statèmènt of Flnanaal Adhvilès on an a¢¢wals basis, excluslvè DI any VAT which can be rets)veffjd, Cértain expèndlture is dir&clly attributablé lo spèclfic acllvlties and has bèèn induded in thos8 Cost cal8g(Kl8s. Cèrtain other ¢osts, whlth ore attributable tts more than ono actlvity, tre apptsrtlancd across cost categories on the basis af an estimat8 ol the proportion ol tim8 sp•nl by staff on thos8 actl¥,1118s. Support costs ar8 those costs Incurr8d dlrectly In supporl ol experltLlre on the objects of the charity. 1.6 Tanglble nxed aBsets Tangible fixed a¢sets are initially measured al cost and subsequenly measured al Gost or valuation, net ol depr8¢18tion and 8ny impairment losses. Depreciation is recognised &0 a8 lo write off the co81 or valuation ol assets les5 Ih8ir re8idual values over their u8elul lives on Ihe following bases.. Fr8ehDld land and buildings Plant and equipment FixtLJf8s and fittings Computers Phase 3 Developrnenl 4,10 Straight lino 20% slraighl line 20Qk straight Iln8 33Vo Straight line Thè gain or loss arising on the disposal ol an asset is detsrmintd as Ihe differente belwèèn tha sale proeoeds and the carrying value ol the asset, and is recognised in the statem8nt of financial actr'vities. 1.7 Flx•d ass•t Invaslm•nl8 Fixed 8S$Èt investmonls 8re inltl8lly measured at transaction pri¢e èxcluding tran$a¢tlon cosls, and are subsequently measured al laii value al 8h reporting dale. Changes in fair value arè recognised in nel incomellexpendrturel lor tre year. Transaction costs arts expensed as incurred. A subsidiary is an entity controlled by the charity. Control is tre power lo govem the financial and operating policies ol Ihe entity so as to obl8in benefits from Ils a¢tivilie$. 1.8 Impairment of red assets Al each rèptsrtino and data. th6 ch8rity r8VieWS th8 carrying amoun1s ol its 1&ngiblÈ assals to d•tèrmin8 wh8th8r there is any indication that Ih05e assets have 5uffer8d an irnpairrnent loss. If any such indication exists, Ihe reGoverable amounl of the asset is estimaled in order lo delemiine the extenl of the impaim)ent10s5 lif 8nyj.
ARGYLE BUSINESS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 A¢¢ounting policies Icontinutdl 1.9 et$h and tsh oquivalontj Cash and cash equivalents include cash in hand. deposits hdd at call wilh banks. other short-term liquid investments with original maluritios of three months or1os$, and bank overdrafts. Bank overdrafts are shown wlhin bc>rrowings in urrenl liabilities. 1.10 Flnanclal Instruments The charity has elected lo apply the provi5ion5 of Section 11 'Basic Financial Instrurnents, and Section 12'0ther Financial Instrurnenls Issues, of FRS 102 10 811 of its financial instrument5, Flnanclal Instruments are recognised In thè chadl> s balance sheet when the charfts. becomes party to the contractual provislons ol the instrument Finan¢181 assets and liabillties are offset, with thè net 8moLJnts presented in the fin8nclal statements, when there 1$ 8 legally enforceabl8 rlght to set off recognlsed amounts and there15 an intention lo settle on a n8t basis or lo realis8 th8 ass81 and $81118 the Ilablity slmullan80usIy. BasSc flnanclal a$sg1$, whl¢h Include deblors ond ¢a$h and bonk balancos. aro inltl$lly mogsurgd al Iransa¢llon prl¢e induding Iransaclion cos15 are subsequently carrigd al aTnorts'sed wst using the effective inleresl rnelhod unless the arrangement constitutes 8 financing transaction, where the transaction is rneasured at the present value of the future rè¢91pts dlKounlgd 01 a markol ratg of in¢¥r?sl. Fln8nck41 $s8&18 ¢la$Se a$ rgcelvablo wthln ong year org nol aMOrti. Basic financial liabilities Bas1¢ fln8n¢i81 liabilities. including credilors and bank 108ns are Ini118lly recognised 81 transadion price unless the arrangement constilules a financing transaction, here the debt instrument is measured al the present value ol the ILJture payments discounted at 3 market rate ol interest. Financ131 liabilities classified as payable within one year ar not amortised, Débt Instruments are subwuéntly eariièd al arnartlS8d cost, using thè Èffèctivé Inlarèst ratè method. Trade creditors are ubligalions lo pay for goods or services that havtr been acquired in the ordinary course ol opèrations from suppliars. Amounts payable are ¢Lasslliod as current liabllille$11 payment is dLJe within onè yèar or 1898. 11 not, they are presented as non-current liabilitie8. Trade ereditors are recognised initially al transaction price and subsequently measured at amortised Cost using tfri8 effective inl8rÈst rnelhod. Dere¢ognlilon olflnan¢141 Ilablll¢les Financial liabilities grè deretognised whon the oharity's contra¢tiial oblioations expire or nre dis¢harued or oancelled 1.11 Employee bengflts The cost of any unused holiday enlitlemenl 18 recognised in the period in which Ihg employee's 88rvices are received. Ttrrmlnallon benefits are recognlsed Immedlalgly as an expanse when the charity is demonstrably wmmllled lo terrninate the employment of an employee or to provide l8rminalion benefits.
ARGYLE BUSINESS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Crltlcal accounung estlmates and Sudgements In the 8pplie8bon of the ch8rity'$ 8e¢ounting polioes, the trustees are required tts make judgennts. e$b"mgte$ and assumptions about carrying atnounl of assets and liabilities that ale not readily apparenl from other sources. Th8 estirnates and associated assumption5 are based on hi5torlcal expèrfence and other lactors that are consldered to be relevant. Actual iesulls may differ from these esllmates. Thp p.limAIp And ijndprfying A88iJmptinnq Arg. rp.vipwpd nn An nnonino hAqi¢ Rp.viinn* In Aernijnlino p.8lim2ip.8 Arp recogn159d in the perlod in which the estimate is rev158d where the revlsvjn affects only that perlod, or In the period ol the revision and Tutur8 periths where the revision aff8cls both current and future periods. K•y •our¢•s ol estlmatlon un¢•rtalnty Tangible fixed assets Th8 annual depr8clalion charge lor lan9ibl8 flx8d ass81s Is 5enslUve lo changes in the 88tlmaled useful nomIC IIv88 and r8sldual valu8s of the assets. Th8 uselul écowmic IIv8s and resldu31 valu&s ar8 reassessed annually. Donatlong and 1•9acl•$ 2024 2024 2024 2023 Donations and grfts 450 13,010 13.460 15,940 For th¢ y•ar •nd¢d 31 D•¢èmb•r 2023 2,350 13,590 15,940 10-
ARGYLE BUSINESS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from clwrltable actlvltles 2024 2029 S8rvic8 charge Rental incotll8 107.416 283,359 93.657 272,363 20,896 200 other income 57,210 447.985 386,916 Analysis by fund Unr851ric18d fund8 Restricted funds 394,2S7 53,728 447.965 For th• y•¥r •nd•d 31 D•¢•mb•r 2023 Unreslricled funds Restricted fund5 386.220 20,696 386,916 Exp•ndltur• on charltsbl• actlvltl•s 2024 2023 Staff e08ts Rates and water Light and heat Repairs ond maintenance Bursaritss awarded ArtEZ expenses 143,019 3,695 10.502 48,021 26,075 51.051 127,650 3,387 9,015 12.448 19.075 35.918 282,363 207,491 Share of support cosis (see note 61 208,029 204,526 490,392 412,017 11
ARGYLE BUSINESS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Support costs Support co¥ts Govemlnce sts 2024 2023 Depreciation Insuran T•l8phon8 General expenses Bad debt Sponsorship ond donations 144,769 11,750 1,230 17,000 144,769 11,75D 1.230 17,OOD 143,407 10,255 630 25,290 19941 3,950 5,000 21,316 2,450 564 3.950 5,OOD 21,316 2,45D 564 10,020 s,ooa 7,850 2,500 568 Mpnggom¢nl 1¢¢ Legal and prolession81 A¢counian¢y lees Bank interest 208,030 208,03D 204,526 Analy8ed balween Charitable aclivlty'es 208 029 208,029 204,526 Nel movernent in funds 2024 2023 Th8 nel mDvemenl in funds is staled after chargingllcreditingl.. Fees payable lor the independent examinallon of Ihe charfly's flnanclal sialemenls 2.550 144,769 Depr6clalion of ownèd tanglble fixod as58ts 143.407 TrustO•8 The We no payrnenls to Trustees during the year lo 31 December 2024. Employèés Th& average monthly number ol employe&s durlng Ihe y8ar was.. 2024 Number 2023 Number 12-
ARGYLE BUSINESS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Employ•¢$ Icontinutdl Empltsymont eosts 2024 2029 Wages and salaries Social security costs 139.159 3,860 120,482 7.168 143,019 127,&50 The total amounl ol employee benefits received by key management peisonnel in the year was £42,38712023'. £36,917). The charity con8lders its ke¥ rnanagement personnel comprlso5 of the trustees. the ¢halr an¢Y Ihe CEO. Th&r8 wère no 8mploy8ès whosè annual r8munerallon was mora than £60,000. 10 Taxation The ¢horily is exempl from toxalion on its o¢tivilies beuSe all ils in¢orne is applied for ¢harilable purposes. 11 Tanglbl• flxod as9•ts FfvghDld land *md buildings Pl•nl In •quipmont Flxtur•• and ornputgrs Phas9 3 Ovvelopm•nt Tolal Cost At 1 January 2024 Additioiis 3.164,246 43,426 61,249 94.147 9.847 499 1,444,840 4.774,329 43.925 Al 31 Decembor 2024 3,207.672 61,249 94,141 10,346 1,444,840 4,818,254 D•pr•clatlon and Impalrm•nt At 1 January 2024 Depreciation charged in the year 2,403,828 81,249 69,412 9,847 110,957 2,655,293 77,738 9,070 166 57,795 144,769 Al 31 De¢gmbgr 2024 2,481,506 01,249 78,432 10,013 168.752 2.800.Cfj2 Carylng amount At 31 December2024 726,106 15.665 333 1,276,088 2,018.192 At 31 December 2023 760,418 24.735 1.333,883 2,119.036 12 Flxad Assèt Invostm9nl$ 2024 2023 Other Invastmenls comprisg-. Note5 Investrnent5 Ill 5ub5idiaries 19 13-
ARGYLE BUSINESS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Debtors 2024 2023 Amount8 f8lllng due wlthln one year.. Trade debtors Other debtors 15,921 1,152 17.668 17.073 17,CJG8 14 Cr•dllor$'. amounts falllng du• wlthln on• yar 2024 2023 Oihgr taxation and 60cial security Trad8 creditors Other creditors A¢¢ruo1$ ond deferred income 12,119 2.253 545 2,550 8,382 24.887 1,067 17,467 36,836 15 R•8trlctod lunds Th8 réstrfclèd funds of th8 tharlly cornprtS8 thé (Jwxpènd8d balances ol donatlons and grants hèld on trust subled to specific ¢ondltions by donors as to how they rnay be used. Movement in lund• Incornlng ReJourGo1 Joiirc•9 •xp•nd•d l January 2024 Movement in fund$ InGornlng R•sOurl BalanGg at raour¢•$ 8XPohded 31 December BalanGOat 1 Jomtsary 2023 2024 SIF Funding Acl Inrtialive Power Nl ArtEZ May Blood Bursary Fund Slarfight Fund 890,319 300 137.0991 853,290 300 632 137,0991 816,191 300 632 26,389 12111 134.2861 34.286 59,838 133,4491 6,100 800 6,100 617 11831 891,522 34,286 171,5961 854,222 66,738 170.7311 850.T29 Th& QIF fundin9 relates lo ¢tssl$ associaltrd wlh pnage 3 01 the developrnenl. The associalad eosls havè been capitalised and the depreciation on the assel will be charged against this fund. 14-
ARGYLE BUSINESS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Unrestrlcted funds The unre8tri¢ted lunds of the charity ¢ompri$e ihe unexpended b818nce$ of dtsn8tion8 and gr8nt8 which 8re not 8ubje¢t to specific condibons by donors and grantors as to how they Nay be used. These irude designated funds which have beèn sèt aside out ol unrestrlcted funds by the trustees for specllic purposes. At 1 January 2024 Incomlng r8soureo8 Re80urces4t 31 December expended 2024 General funds 1,é98,686 394,707 1419.6611 1,673,732 Previous year: At 1 January 2023 Incoming r•sourcoS ResouTce&4t 31 December expended 2023 General lund8 1.670,547 368.570 1340.4311 1,698,686 17 Analysi8 of n•t a8sets b•lwe•n fundi Unr•strld8d funds 2024 R•8trict•d funds 2024 Total 2024 At 31 D•e•mb•i 2024: Tangiblo ossels Inveslmenls Currenl a3selsl{Iiabililiesl 1,168,263 849.929 2.018,192 505.468 300 505,768 1,673,732 8SO,229 2,523,961 Unre8trict•d funds 2023 Restrictsd funds 2023 Tot41 2023 At 31 De¢embew 2023: Tangible 8s5els Invgslm8nls Currenl as58t51lliabilitles1 1,265,114 853,922 2,119,036 433,571 300 433,871 1,698,6B6 854.222 2.552.W18 18 Related party transactions Thère were no rlB¢losabl& rglated party transactions during tha year12023- none). 15-
ARGYLE BUSINESS CENTRE NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Subsidlarles Detaib tsf the eh8riiy's $ubsidieries at 31 December 2024 8re 8$ follows.. Namg of und•rtaklng Raglstsred offl¢• Natur• of buslng55 Class of shar held °/0 Held Dlrg¢t Indlr&¢t Argyle Business Trust Northem Ireland Dormant Ordinary 100.00 16-
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